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Slide 2: All the small and big companies are endeavouring are establishing flawless payrollsystems in order to ensure that the employees are getting correct amount of salary at the righttime. If the employees do not get the correct amount of salary they would be affected anddemoralised and employee retention will be lesser. The various functions that is performed bythe payroll managers and the system overall are as payslip, loan, payroll journal, deductions,allowances. Essentially employees work for payment.Slide 3: The latest trend about payroll management system is outsourcing the total process toother companies which are specialised in the process of payroll management. Thesecompanies are specialised in the process of payroll management and reduces the burden fromthe companies. The payroll management is a long and detailed process which is humanintensive. Hence by appointing the outsourced companies these activities are reduced.However there are challenges that are still associated with the payroll management process.There can be wrong calculations or deductions because of errors in attendance system withinthe company. There can be transaction failures and similar other challenges.Slide 4:In the recent times the start ups are choosing businesses which takes lesser capital tostart. They are utilising more technological knowhow and lesser use of inventory. Thebusiness of providing payroll solution is typically a business of that nature. It requires lesscapital to setup and just human resource with technical knowhow is enough to set up apayroll management company. The small, medium and big companies are outsourcing theirpayroll to these companies.The manual payroll systems are very labour intensive, time intensive and possibility of erroris high. The human resource department of the companies get entangled in all these clericalworks and cannot give attention to employee quality enhancement and retention. Thereforethey outsource the job.
Side 5:Many software are there which provides the service of payroll management andproviding the data of the employees into these softwares would be enough to get the desiredresults. Here is a similar software and its primary interface. However these software areexpensive and it requires professionals to operate them. Therefore the companies do notthemselves involve in such function and outsource their payroll. The companies whichprovide payroll management services use such similar software to provide the service.Slide 6:The idea is to establish a company that will provide payroll management services tothe client companies in a innovative error free manner. The Payroll Management Companywill be able accurately calculate the payroll, make the information accessible and issue paycheques within the stipulated time. The company which are outsourcing their payroll will befree from the long and strenuous process of payroll management and they can focus theirattention on quality.Slide 7:Software developers, innovators and other experts will together work towardsdeveloping the software which will provide perfect solution to the companies which areoutsourcing their work.Payroll Management Company will also work with cloud applicationcompanies that will enable it to store huge amounts of data without any difficulties. Theinnovation will lie in the speed with which the process will be carried on and the errorfreesolution that will be provided.Slide 8:The Business Model Canvas can ideally describe the business process and how it willgain competitive advantage over others. Key Partners of the business areSoftwareDevelopers,Cloud Application Companies. The Key Activities it will carry out areRecruitment, Processing of Monthly Payslips,Fund and Medical Aid, Reconciliation, TaxesCalculations, Processing third party payments. The factors which will add value to the